Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed that the National Vehicle Registry (VREG) is positioned to mitigate revenue leakages from tax evasion.
The Minister made the disclosure while speaking at the one day Zonal Sensitization Seminar on VREG held at the Finance Ministry in Abuja on Tuesday.
He said “the National Vehicle Registry will provide insightful data analytics for policy formulation and implementation and mechanisms for the mitigation of revenue leakages from tax evasion and other Administration Ineffectiveness.
“Revolution of vehicle insurance Administration from increased revenue generation and compliance, improved access to credit facilities through vehicles utilization and the reduction of vehicle theft and related crimes.
The Minister pressed further that Nigeria could no longer afford to lose revenue in the midst of falling oil prices and operating a mono-economy.
“Furthermore, the absence of a dynamic and centralised platform for national vehicular information, despite Nigeria being the largest importer of vehicles in Africa with additional 15 million vehicles operational in the country.
“This huge vacuum had sustained the menaces of Customs duty evasion, paucity of data for vehicular policy formulation, nationwide vehicle administration for revenue leakages, vehicle theft.
“And vehicle-related crimes, challenges in road traffic regulation enforcement, limited access to credit facilities and ineffective vehicle insurance coverage and monitoring and evaluation.
Edun stressed that some of the critical steps taken in accomplishment of VREG includes the completion of technical integration with the central motor Registry (CMR) of Nigeria Police Force, National Vehicle Information System (NVIS) of Road Safety as well as Strengthening the collaborative effort with the National Automative design and the Joint Tax Board (JTB).
According to him, the VREG system offers a dynamic and centralised platform that connects all relevant stakeholders like the Customs Service (NCS), National Insurance Commission (NAICOM), National Collateral Registry (NCR), motor vehicle administration agency of most of the states including FCT.
“These connections have brought about real-time, dynamic information exchange leading to optimisation and plugging of revenue leakages associated with vehicle importation and vehicle insurance administration”.
Earlier in his welcome address, the Permanent Secretary of the Ministry, Mr. Okokon Ekanem Udo explained that VREG is a Centralized data and aggregator of all vehicular information in the country.
The Perm Sec tasked the stakeholders to make progressive contributions to the discussion for optimal benefits in the country.
The highlights of the programme was contributions from stakeholders including members of state Internal Revenue Services, Joint Tax Board and among others.
